UPDATE 2-Gluskin Sheff says sought sale, but will stand pat

Mon Apr 15, 2013 1:29pm EDT
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* Canada asset manager sought bids at request of founders

* Says no longer searching for bids

* Shares fall 5.6 pct but still up in 2013

* Canadian banks driving M&A among wealth managers

By Cameron French

TORONTO, April 15 (Reuters) - Canadian asset manager Gluskin Sheff + Associates Inc recently sought bids for the company, but it said on Monday it has decided to hold off on a sale for now, triggering a sharp slide in its shares.

In a statement responding to a Globe and Mail report that the company was entertaining offers, Gluskin said it had explored the possibility of a sale at the request of founding shareholders Ira Gluskin and Gerald Sheff.

However, it said the search for bids had concluded.

"The founders, the board and management have concluded that the current platform remains an excellent way to serve clients and enhance shareholder value at this time," the company said in a statement.   Continued...